Rocket Lab vs. Intuitive Machines: The New Space Race Stock Showdown

"We ended the year with a record $1.85 billion in backlog, representing 73% year-on-year growth, a figure we look forward to building upon in 2026. That backlog includes an $816 million SDA contract to build 18 satellites for the Tracking Layer Tranche 3 program, the largest single contract in company history, plus selection for the Missile Defense Agency SHIELD program, with potential contracts up to $151 billion."

"Rocket Lab is not just growing revenue; it is keeping more of each dollar as it scales satellite manufacturing and launch cadence together. Non-GAAP gross margin hit 44.3%, up from 34% a year earlier. That margin expansion is the real story."

"This marks the moment Intuitive Machines transitions from a lunar company to a multi-domain space prime. The pending $800 million acquisition of Lanteris Space Systems would push combined last-twelve-months revenue above $850 million with a $920 million backlog."

Rocket Lab closed fiscal year 2025 with $602 million in revenue, a 38% year-over-year increase, with Q4 revenue of $179.65 million. Non-GAAP gross margin expanded significantly to 44.3% from 34% previously, demonstrating operational efficiency gains. The company ended with $1.85 billion in backlog, including an $816 million Space Development Agency contract for 18 satellites and selection for the Missile Defense Agency SHIELD program with potential contracts reaching $151 billion. Intuitive Machines reported Q3 2025 revenue of $52.4 million, down 10.4% year-over-year, but is pursuing an $800 million acquisition of Lanteris Space Systems that would increase combined revenue above $850 million and establish it as a multi-domain space prime rather than solely a lunar company.

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